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A VA loan is a great benefit to military personnel during and after their service. PrimeLending understands the importance of a “home base” for military and their families and is proud to be able to help active and retired military use this product to meet their unique needs.

What are the Benefits of a VA loan?

VA loans are partly guaranteed (typically a quarter of the loan value) by the U.S. Department of Veterans Affairs and offer the following benefits:

No down payment

Higher loan value

No private mortgage insurance

Limit on closing costs

Option for seller to pay closing costs

No penalty fee for early payoffs

Possible VA assistance if you have difficulty with payments

Who is eligible to Receive a VA loan?

Qualified applicants are those that have received a discharge other than dishonorable from an eligible branch of the service, including the U.S. Army, Navy, Air Force, Marines, Coast Guard, National Guard and Reserve and U.S. Military academies. They must also meet certain eligibility requirements.

Learn more about COE eligibility requirements here:

Chart 1: COE eligibility requirements

Qualifying Event

Active Duty

Veteran

Any

Gulf War

24-month rule

Post-Vietnam

Vietnam

Active Duty Dates

Any

8/2/1990 – Present

9/8/1980 - 8/1/1990*

5/8/1975 - 9/7/1980**

8/5/1964 - 5/7/1975***

Qualifying Event

Veteran

Post-Korea

Korean War

Post-WWII

WWII

Nat. Guard & Res. (Gulf War)

Active Duty Dates

2/1/1955 - 8/4/1964

6/27/1950 - 1/31/1955

7/26/1947 - 6/26/1950

9/16/1940 - 7/25/1947

8/2/1990 – Present

Active Duty Service

181 cont. days

90 total days

181 cont. days

90 total days

90 days active service

Spouse of a veteran

Unremarried spouse of a veteran dying in service or from a service connected disability

Spouse of a service member missing in action or a prisoner of war

Surviving spouse who remarries on or after age 57, and on or after 12/16/03****

Surviving spouses of certain totally disabled veterans whose disability may not have been cause of death

National Guard and Reserve

Six years of service in the Selected Reserve or National Guard, and

1) Honorable discharge; (2) Placed on the retired list; (3) Transfer to the Standby Reserve or an element of the Ready Reserve other than the Selected Reserve after honorable service, or (4) Continued service in the Selected Reserve

Others eligible

Certain U.S. citizens with military service for U.S. WWII allies

Merchant seaman with World War II service

Academy cadets or midshipmen (Army, AF, Navy, Coast Guard)

Certain public health service officers or officers of the National Oceanic & Atmospheric Administration

Not enough service but discharged due to hardship, convenience of the government, reduction-in-force, certain medical conditions or a service-connected disability

*Officer start date: 10/17/1981 **Officer end date: 10/16/1981 *** Start date for service in the Republic of Vietnam: 2/28/1961****A surviving spouse remarried before 12/6/03 and reaching age 57, must have applied by 12/15/04 for eligibility.

Upon receiving a Certificate of Eligibility, an applicant can apply to use the guaranty on these financing and refinancing opportunities:

Purchase or build a residence

Purchase a condominium or duplex

Purchase and improve a residence

Purchase a manufactured home/lot

Refinance an existing home loan

Install energy improvements

Veterans Home Loans

Like conventional loans or government-issued loans, VA loans come in different varieties. Choosing the right one for you can be a difficult process, but PrimeLending is here to help you find the one that fits your needs. Get started by reading this list of VA loans and how they work.

VA Fixed-Rate Home Loans

A 30-year fixed-rate option gives you a stable, predictable monthly payment. These loans are great for people settling down in one house over a long period of time. They give deployed soldiers a warm place to come home.

A 15-year fixed-rate option could help current service members who would like to build equity more quickly. You pay more monthly, but this pace builds more equity in your home.

VA Adjustable-Rate Mortgages

The flexibility of a five-year adjustable-rate mortgage can be appealing to current military service members expecting to move in the next few years. ARM homeowners pay a low introductory interest rate for the first few years, then move or refinance before it adjusts upward.

VA Jumbo Home Loan

The VA will guarantee a maximum of 25% on your home loan.

Cash-Out Refinance Loans

A cash-out refinance helps you handle big-ticket items — college, health expenses or debt, for example. Effectively, you pay off the remaining balance and take out a new loan for the appraised value of the house. Much of the difference goes into your pocket as cash.

Interest Rate Reduction Refinance Loan (IRRRL)

An Interest Rate Reduction Refinance Loan (IRRRL) helps service members refinance at a lower interest rate. Refinancing can help lower your monthly payment, change your term or turn an ARM into a fixed rate. Other advantages include:

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